The market is frothy. Tomorrow’s USDA WASDE report could affirm today’s relatively bullish sentiment, or it could break it on fundamentals. The question is whether USDA’s corrections in yield, production and stocks go as far as current guesses. In all likelihood, there will be some disappointment, and some satisfaction. Like equities before this week, commodities have been in a little melt up. There was some positioning ahead of tomorrow but not the usual kind. It was more risk on than risk off. Buy corn and wheat, sell soy. The December corn contract is now at a five-month high despite it being harvest time and amid record global stocks. The U.S. alone is facing more than 2 billion bushels in corn ending stocks. T...
What You Need to Know Today: The corn and soybean markets closed slightly higher in low-volume trade. The wheat market was mixed, with HRW continuing its downward trek on improved moisture. As expected, the bearish cattle on feed report drove down cattle prices and pulled hogs down with it. Mi...
Monday, 25 May is a U.S. holiday, and both the markets and our office will be closed. Please note that the next issue of Ag Perspectives will be published on Tuesday, 26 May. The WPI staff wishes everyone a safe and enjoyable holiday weekend...
USDA’s monthly cattle on feed report was released today. The total number of cattle on feed in feedlots with 1,000 head or more capacity amounted to 11.6 million head, 102 percent of last year. Source: USDA, WPI Placements were up, but part of that is attributable to persistent drought c...
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